Australia picks first female central bank head to shepherd through reform.

Australia has appointed the first female head of its central bank, passing over the current governor to elevate his deputy to the high-profile job amid a public backlash over steeply rising interest rates.

Australian Treasurer Jim Chalmers and Prime Minister Anthony Albanese on Friday announced Michele Bullock would head the Reserve Bank of Australia (RBA) for the next seven years, having chosen not to reappoint Governor Philip Lowe for a second term.

Lowe will leave on Sept. 17, marking the end of his 43-year career at the bank. The decision comes as Lowe is due to accompany Chalmers to a Group of 20 meeting in India next week.

In a press conference, Chalmers said it was not out of the norm for a governor to only serve one term and he felt Bullock was best placed to lead the RBA through a coming reorganisation.

"This is a history-making appointment," Chalmers told reporters. "Michele Bullock will become the first woman to ever lead the Reserve Bank in this country."

Source: www.reuters.com

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